Analyst points to XRP’s potential ‘huge move’
A crypto analyst who goes by the handle NCashOfficial believes significant price appreciation could be in store for XRP in the coming weeks. In a YouTube video posted Nov. 29th, the analyst laid out technical and fundamental factors that he thinks could fuel a rally for the cryptocurrency.
Referencing a recent Cointelegraph article, NCashOfficial highlighted a bull flag pattern that has emerged on XRP’s price chart. This type of pattern develops after a strong uptrend and consists of the price consolidating inside a channel. The analyst said this pattern typically resolves with the price breaking above the upper channel trendline along with a spike in trading volume.
If this plays out for XRP, the move could result in gains on par with the preceding uptrend’s height. Cointelegraph has projected this could mean a 20% surge by year’s end, but NCashOfficial believes XRP could strongly outperform that target. He is eyeing the cryptocurrency tapping the $0.92 and even $1-plus zones in the near-term.
A lot of people have been hinting at some major moves here but [this article] is hinting at a 20% rally by New Year’s. Now 20% is not much at all and I honestly think that we are going to overshoot that by quite a bit.
Beyond technicals, the analyst pointed to strengthening fundamentals that could support significant upside. This includes increased whale accumulation activity, with on-chain data showing large XRP purchases totaling $7 million over the past week. It also includes an anticipated “ETF-like” XRP exchange-traded product set for launch in December.
Additionally, NCashOfficial sees XRP’s lackluster price action over the past five Decembers as increasing statistical odds of a strong final month to close out this year. He also suggested the crypto’s ongoing legal battle with the SEC and periods of consolidation historically preceding major expansions makes him “bullish on XRP and its ecosystem.”
The analyst specified he believes XRP holders could be at the “beginning of something big,” with decentralized finance and regulations potentially catapulting it to new heights. While admitting huge percentage surges akin to XRP’s early days are unlikely due to its now much larger market cap, he thinks major moves are still possible.
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